Lawyers want to control risk. We learn to minimize it for our clients, and many law firms advise clients to avoid risks. But a tension exists because we all know that, inherently, nearly every business transaction is risky. That’s why we take a slightly different view at the R. Shawn McBride Law Firm. Our approach is: Does the client understand the risks involved to be able to make an informed decision?
Business owners must take risks. If you own a business and you want it to grow, you have to do things that other owners don’t. If you mirror what others have done and continue to do, you’re not going to set yourself apart from the pack. You’re not going to unlock your company’s economic value.
The key is you want to take controlled, measured risks and understand the risk-reward trade-off. When you seek legal advice for a business transaction, you cannot expect all risk to be eliminated. Your expectation should be that the lawyer will, yes, help you minimize and control the risks but, just as importantly, make certain you understand the risks. How is the risk allocated among the parties? Who’s taking what risk in the transaction?
What are you doing to understand the risks for your business? Are you thinking about controlling the risks or are you being so cautious that your business is stifled? What is your experience? Have you hired lawyers who advised you to eliminate risk? How have you managed risk? Let us know your thoughts and experiences in the comments below.
Each case is unique. Past results do not guarantee future outcomes. This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. FreeImages Keigirl.
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